Qantas 2009 Annual Report Download - page 121

Download and view the complete annual report

Please find page 121 of the 2009 Qantas annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 164

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164

119 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
22. Provisions
Qantas Group Qantas
2009 2008 2009 2008
CURRENT $M $M $M $M
Dividends 5 5 5 5
Employee benefits
- annual leave 338 347 280 290
- long service leave 40 35 29 28
- restructuring 40 23 39 23
Onerous contracts 4 5 3 4
Insurance, legal and other 80 69 80 67
507 484 436 417
NON-CURRENT
Employee benefits
- long service leave 323 282 294 255
Onerous contracts 9 2 7 –
Make good on leased assets 96 42 57 30
Insurance, legal and other 105 97 100 92
533 423 458 377
RECONCILIATIONS
Reconciliations of the carrying amounts of each class of provision, except for employee
benefits, are set out below:
Dividends
Balance as at 1 July 5 2 5 2
Acquisitions of controlled entities 10 – – –
Provisions made 444 641 439 640
Payments made (218) (638) (203) (637)
Dividends settled in shares under the DRP (236) – (236) –
Balance as at 30 June 5 5 5 5
Onerous contracts
An onerous contract is a contract in which the unavoidable costs of meeting the obligations
under the contract exceed the economic benefit expected to be received. The Qantas Group
has raised this provision in respect of operating leases on premises and grounded aircraft.
Balance as at 1 July 7 25 4 22
Provisions made 13 2 13 2
Payments made (7) (20) (7) (20)
Balance as at 30 June 13 7 10 4
Included in the Financial Statements as follows:
Current 4 5 3 4
Non-current 9 2 7 –
13 7 10 4